Transferwise do cheap transfers but more important can provide US, UK and Aus bank accounts

[sundaymorningstaple]

I just did a transfer from the US last Tuesday. Was credited to my local bank (DBS/POSB) yesterday. Nothing out of the ordinary, exchange rate 1.36030 for USD

[tiktok]

No love for HSBC? I have accounts in 3 countries and moving money around is a breeze.

[PNGMK]

No love for HSBC? I have accounts in 3 countries and moving money around is a breeze.

I'm blacklisted...

[tiktok]

Sorry to hear that. Because American?

[PNGMK]

Sorry to hear that. Because American?

didn't pay a CC bill a few decades ago and it went to collections

[unbelievable1981]

Been using them for a couple of years. If you simply want to straight funds transfers to saving/cheque accounts in other countries then they work great and almost the cheapest rates. I've had transfers out of Singapore reach US and AUS bank accounts within 5 mins to 12 hours max....very quick.
However if you want to use Credit cards, forget it. Any other features you can think of, forget it. It's a simple funds transfer for regular bank accounts, where you can easily have some foreign bank account numbers with them.
Also note there are cheaper alternatives, some are up to $50 cheaper based on $10K transfers. Depends on currency, etc.

[PNGMK]

I notice TF are recruiting a Singapore bank specialist. Presumably to add Singapore bank accounts to their borderless account system and hopefully also for the debit card facility.

[PNGMK]

Oh dear.... TF have run into a MAS roadblock. Their accounts are capped at 30MM in TOTAL (i..e what they can hold on ALL of their Singapore client's behalf). I've had multiple friends who have a lot of money in borderless accounts told that they have to move it out or move their address of residency out of Singapore. TF apparently are discussing capping accounts for Singapore residents to some ridiculously low number ($5,000 or so).

[Strong Eagle]

^^^^^^
Money laundering at work.

[PNGMK]

^^^^^^
Money laundering at work.

That was pretty much a conversation I had with an Aussie friend when I showed him the borderless account stuff - his exact words where "This won't last, the money launderers will get in and stuff it up".

[archcherub]

i find DBS remit more and more attractive because the interface is so easy and no additional remittance fees.
not sure if the forex is better than transferwise. i compared once for philippine peso and USD, didn't find any big difference then after that i give up comparing lol

[Max Headroom]

TW is following the route that countless erstwhile cheeky startups took before it: Flash onto the scene with a disruptive business model and low fees, a seemingly win-win situation, especially the end-user.

Then a few corporate players get a whiff of it and pour in the big bucks and/or key founders sell their stake and/or the thing goes IPO.

It's all downhill from here.

Unless you're one of the shareholders of course.

I know you guys like TW (you know who you are) but personally I'm not seeing all the goodness. To me, TW is PayPal in the making; a necessary evil because there's no real alternative.

Heads up for TW's repeated T&C tweaks, along with rising fees. Not to mention all that incoming AML compliance shizzle.

[PNGMK]

Plenty of alternates on the market already Max. Pick your poison. I like TF right now because I can get expenses and payments remiited directly to their borderless accounts without an outrageous charge.

[Zul@ikahhh]

Other than Transferwise there are other banks too. There are some pros and cons, just need to do a lot of research to it. Like which banks to transfer to or comparing the rates to remit.
Just found this website and it helps me a lot, quite easy and helpful. https://remit.cashchanger.co/

[Max Headroom]

lol